Crude Surges After US Oil Rig Count Collapses To May 2002 Lows

(Before It's News)

For the 6th week in a row, Baker Hughes reports a decline in US oil rig counts. With a huge 29 rig drop – the largest in over 5 months – the total oil rig count is 809, the lowest since May 2002. The reaction is a stick-save buying panic surging crude into the green on the day.

Lowets rig cont since May 2002…

and the reaction..

Charts: Bloomberg

• What If Expectations Of Our Central Bankers Are Simply Too High?
• Goldman’s NFP Post-Mortem: A December Rate Hike Is Now A “Close Call”
• The 80/20 Rule Is Crushing The Economy
• The Feudal “Recovery” Continues: 21,000 Waiters Added; 9,000 Manufacturing Workers Lost
• Yen-Driven Buying-Panic Lifts Stocks Green Amid “The Most Aggresssive Buying I Have Ever Seen”
• Emerging Markets: What has Changed
• Silver Spikes To Six-Week Highs On Heavy Volume – Biggest Jump Since Dec 2014
• Andy Hoffman on Wake Up with Steve Curtis 10-2-15
• Miners vs ETFs
• U.S. Economy Creates Just 142,000 New Jobs in September